CALGARY, Canada, March 18 /PRNewswire/ --

- TT-10 Appraisal Well Generates Record Aggregate Rate of 44,240 Barrels per day

Addax Petroleum Corporation (Addax Petroleum or the Corporation) (TSX:AXC and LSE:AXC) today announced flow test results for the TT-10 well, the seventh Cretaceous appraisal and development well drilled on the Taq Taq field by Taq Taq Operating Company, the joint venture company formed by Genel Enerji A.S. (Genel) and Addax Petroleum to carry out the petroleum operations in the Taq Taq license area.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: We are extremely pleased to have achieved record aggregate test rates from the most recent Cretaceous appraisal well at Taq Taq. Addax Petroleum continues to lead the development of this emerging oil region through our highly successful appraisal program. The results from the appraisal campaign have been incorporated into a full field development plan which was recently submitted to the Kurdistan Regional Government for their review and approval.

Three Cretaceous reservoirs were tested separately and flowed at an aggregate rate of 44,240 bbl/d of light oil, measured gravity of 48 degrees API with low gas oil ratio. Two intervals in each of the Shiranish and Kometan reservoirs were completed and tested independently due to the highly varying character of each, as identified through the logs. The independent testing allowed for further characterization of the flow behaviour of these intervals in addition to assessing the most likely completion strategy for future development wells. The Shiranish intervals tested were a 136 metre completion in the upper section which flowed at a rate of 17,700 bbl/d and an 85 metre completion in the lower section which flowed at a rate of 13,780 bbl/d. The Kometan intervals tested were a 67 metre completion in the upper section which flowed at a rate of 19,380 bbl/d and a 49 metre completion in the lower section which flowed at a rate of 14,800 bbl/d. The Qamchuqa interval tested was a 136 metre completion which flowed at a rate of 11,080 bbl/d. Oil flow rates from the above intervals were restricted by a two-inch choke size. The aggregate rate of 44,240 bbl/d was compiled using the Lower Shiranish, Upper Kometan and Qamchuqa intervals as these were deemed by the Corporation to be more representative of previously announced test results. Evaluation of these flow test results is ongoing.

The TT-10 well was drilled into the crest of the main Cretaceous formations in the Taq Taq field, as identified on 3D seismic, where it encountered a gross oil column of 530 metres. The TT-10 well was spudded by the Kurdistan-1 rig in August and completed drilling in late December at a total depth of 2,247 metres. Testing of the TT-10 well was delayed such that the well could be hooked up to the early production system allowing for test oil to be monetised at a later date. Interpretation of data acquired from the TT-10 well, including wireline logging and core samples, confirmed the presence of a significant and extensive fracture system in the tested formations as observed in the previous Cretaceous appraisal wells. In addition, the log analysis performed indicates that matrix porosity increases towards the centre of the field.

The TT-10 well is the final well in the drilling and seismic appraisal program by Addax Petroleum and Genel. The results of the drilling and seismic appraisal program were integrated into a full field development plan for Taq Taq which Addax Petroleum submitted to the Kurdistan Regional Government for approval earlier this month. Addax Petroleum expects to formally present the Taq Taq development plan to the Kurdistan Regional Government in Erbil in April 2009. An early production system with capacity of 30 Mbbl/d has already been completed with plans to expand capacity up to 60 Mbbl/d in mid 2009. The Taq Taq Operating Company is currently selling crude oil from the Taq Taq field on an intermittent basis into the local market where it is being trucked to local refineries according to regional demand.

The Kurdistan-1 drilling rig was moved within the Taq Taq license area and spudded the Kewa Chirmila exploration prospect in February 2009. The Kewa Chirmila well is expected to take approximately 120 more days to drill with potential testing of a discovery to follow.

About Addax Petroleum

Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8.8 Mbbl/d for 1998 to an average of 136.5 Mbbl/d for 2008. Further information about Addax Petroleum is available at http://www.addaxpetroleum.com or at http://www.sedar.com.

Reader Advisory Regarding Forward-Looking Information

Certain statements contained in this news release, including statements related to drilling plans, development plans and schedules, future seismic activity, production levels and sources of growth thereof, results of exploration activities and dates that areas may come on-stream, future capital expenditures, business strategy and goals, and statements that contain words such as may, will, would, could, should, anticipate, believe, intend, expect, plan, estimate, budget, outlook, propose, project, and statements relating to matters that are not historical fact constitute forward-looking information within the meaning of applicable Canadian securities legislation.

Forward-looking information is subject to known and unknown risks and uncertainties attendant with oil and gas operations, and other factors, which include, but are not limited to: imprecision of reserves and resources estimates; ultimate recovery of reserves; commodity prices; general economic, market and business conditions; industry capacity; competitive action by other companies; refining and market margins; the ability to produce and transport crude oil and natural gas to markets; weather and climate conditions; results of exploration and development drilling and other related activities; fluctuation in interest rates and foreign currency exchange rates; ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; international political events; and expected rates of return. More specifically, production may be affected by exploration success, start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability and seismic costs.

In this news release the Corporation has made assumptions with respect to the following: - prices for oil sales; - oil reserves and resource quantities and the discounted present value of future net cash flows from these reserves and the ultimate recoverability of reserves; - timing and amount of future production, forecasts of capital expenditures and the sources of financing thereof; - the amount, nature, timing and effects of capital expenditures; - plans for drilling wells and the timing and location thereof; - expectations regarding the negotiation and performance of contractual rights; - operating and other costs; - business strategies and plans of management; - anticipated benefits and enhanced shareholder value resulting from prospect development and acquisitions; and - treatment under the fiscal terms of Production Sharing Contracts and governmental regulatory regimes.

The Corporation's actual results could differ materially from those anticipated in these forward-looking statements if the assumptions underlying them prove incorrect, or if one or more of the uncertainties or risks described above materializes. Risk factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.

Readers are strongly cautioned that the above list of factors affecting forward-looking information is not exhaustive. Further, forward-looking statements are made as at the date they are given and, except as required by applicable law, Addax Petroleum does not intend, and does not assume any obligation, to update any forward-looking statements, whether as a result of new information or otherwise. The forward-looking statements contained in this new release are expressly qualified by this advisory.

For further information: Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel.: +41(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-416-934-8011, nick.cowling@cossette.com; Mr. Mark Antelme, Press Relations, Tel.: +44(0)20-3178-6242, mark.antelme@pelhampr.com.

For further information: Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel.: +41(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-416-934-8011, nick.cowling@cossette.com; Mr. Mark Antelme, Press Relations, Tel.: +44(0)20-3178-6242, mark.antelme@pelhampr.com.